Tax Extender Bill

[Burke]

Notice from TTB indicates bill passed the House to extend one year. Senate to vote today? Obama will sign.

[jimmcg]

Tax Extender Bill

Got info I need elsewhere............Thanks.

[Jiggers]

The “Cromnibus” train-wreck spending bill process seems to be holding up everything else, including the extender vote. The 55 Lazarus provisions awaiting revival are on hold while Congress struggles to avert a government “shutdown” at midnight tonight.

Outgoing Senate Majority Leader Reid has said that the Senate will finish the Cromnibus before voting on the extender bill, HR 5771. The house-passed bill would extend dozens of tax breaks that expired at the end of 2013 retroactively through the end of this month. Business provisions in the bill include the $500,000 Section 179 deduction, 50% bonus depreciation, the R&D credit, and the 5-year built-in gain period for S corporations. The provision allowing IRA charitable donations is among the individual breaks at stake.

[David1980]

Since Obama is threatening to veto any bill on this subject that doesn't include items that don't expire this year dont expect anything before the end of the year. The thought is that the season will be starting sometime in Feb or later...again!

I don't think that's an accurate assessment of the veto threat. Rather, if things that did expire are made permanent and things that don't expire this year are not he has threatened to veto it. It's the making of things permanent without making everything permanent (well, the things he wants anyway) that generated the veto threat.

Not that any of this matters, this is SOOO last week! They've moved to a 1-year extension on everything at this point and that'll probably pass & get signed.

[taxea]

Since Obama is threatening to veto any bill on this subject that doesn't include items that don't expire this year dont expect anything before the end of the year. The thought is that the season will be starting sometime in Feb or later...again!

[jimmcg]

Does anyone have updated status (within last 12 hours) on current tax extender bill. Been briefly out of the intel loop.